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Buy back house from Landlord
Lukes-mum44
Posts: 1 Newbie
I started a new thread as there are so many posts ,wasn't sure which to read first. Ok a bit of background info , My other half and I were fortunate to buy our first home in 1999 when house prices were at the lowest I have ever known them to be. In 2004 we inherited a house , which we moved into reluctantly. For many reasons it was not the right move, Anyway unknown to me my other half had a lot of debt which came to the surface ,we wanted to upgrade the house we moved into to suit our requirements ,so took out a small mortgage. To cut a long story short , other half lost his job and we started struggling with the mortgage payments. To the point where we faced eviction. So we decided to sell up. We saw an advert for a Quicksale company , spoke to them and they came to see us.Offered us a few alternatives. Our option with this company was that they paid our mortgage to stop it going into court ,with the right to buy if we did not sell in 12 months.
We did not sell , so this company bought at a reduced market price.
As we had no where to go , we stayed on as tenants which was the worst thing we could have done. The rent has crippled us ,we ended up borrowing money just to survive and now worse off than ever.
We fell into arrears as other half did not pay for 6 weeks which I knew nothing of until a Possession order was hand delivered to my door. Since then we've had no end of abusive letters texts emails etc. We have now cleared the arrears but the animosity has grown between us. Repairs are not being done and we feel very much in a no win situation. We are slowly crawling back out of our dark hole and wondered if it were at all possible that we would be able to get a mortgage again when our credit rating improves. So we can buy back the house that was once ours and put this last few years behind us.
We did not sell , so this company bought at a reduced market price.
As we had no where to go , we stayed on as tenants which was the worst thing we could have done. The rent has crippled us ,we ended up borrowing money just to survive and now worse off than ever.
We fell into arrears as other half did not pay for 6 weeks which I knew nothing of until a Possession order was hand delivered to my door. Since then we've had no end of abusive letters texts emails etc. We have now cleared the arrears but the animosity has grown between us. Repairs are not being done and we feel very much in a no win situation. We are slowly crawling back out of our dark hole and wondered if it were at all possible that we would be able to get a mortgage again when our credit rating improves. So we can buy back the house that was once ours and put this last few years behind us.
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Comments
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OK- but what's your question, please?0
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Jeffrey_Shaw wrote: »OK- but what's your question, please?
Maybe it was "So we can buy back the house that was once ours and put this last few years behind us. "...
Depends if the Landlord wants to sell, how much they want and whether you can afford it.0 -
I agree. If L wants to sell, T would be an ideal purchaser: no chain, no estate agents, no removal arrangements- perfect!0
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Are they charging you an above market rent for a below market price paid?0
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Hey OP, rather than let us speculate, what is the question?0
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DannyboyMidlands wrote: »Hey OP, rather than let us speculate, what is the question?
They want to Buy back house from Landlord
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Yes, you can buy back the property.
If the new owner wants to sell.
And you can agree a price
And you have the savings
Or you can get a mortgage0
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